Is it legal?

Little_Miss_Confused

Hi,
Splitting up with husband and have been looking at finances. We are splitting everything 50/50. However there is a shortfall of 24k which I have said I will pay him in 2 years time (when the kids have grown up).

Is it legally binding if we write something down and get it witnessed by a couple of people or do we have to do this via solicitors?

JasonW_2

I think it would be legally binding if signed and witnessed by someone you can both trust, or better still in professional employment, but if it was me, I'd want it done "properly" by a solicitor who can make sure it is fully binding legally, with appropriate conditions and terms attached. Otherwise, if you don't pay it would be a nightmare for you ex partner to claim the money if you decided to get nasty. No offence to you, but Im sure this happens, not suggesting you would though, but I wouldnt trust anyone with this kind of money personally. I am not a lawyer, and its simply my logic but hope it helps.

J

pin

Personally I would ask a lawyer on this, esp as its quite a bit of money. There's no point speculating, just get some professional advice.

Bossyboots

Its not only a question of getting that clause watertight, you need to ensure that neither can make a claim against any future income/windfall you have later on.

You would be sensible to get this drawn up properly by a solicitor so that it is not open to question later one. If you go to a solicitor with the details of the settlement then they can incorporate it into a deed for a comparitively small fee.

gentlepurr

hiya little miss.

i am in a similar situation, and one thing you don't say is whether you are actually divorcing your oh, or just splitting up. if you remain married to him, albeit you are living apart, i think the everything you/he owns rule of 50/50 split would apply, and you would therefore "own" any debt 50/50. . its a potential minefiels, see if you can get some legal advice via a free or fixed fee first interview (usually about £5) and base your decision on that.

good luck with everything!

xx

Bossyboots

gentlepurr wrote:

hiya little miss.

i am in a similar situation, and one thing you don't say is whether you are actually divorcing your oh, or just splitting up. if you remain married to him, albeit you are living apart, i think the everything you/he owns rule of 50/50 split would apply, and you would therefore "own" any debt 50/50. . its a potential minefiels, see if you can get some legal advice via a free or fixed fee first interview (usually about £5) and base your decision on that.

good luck with everything!

xx

This information is incorrect, there is no 50/50 rule. Every couple's situation stands on its own merit and if a couple have agreed a settlement then that is largely their choice although the court may question it if it looks as though it might be unfair to one party. Debts in one party's name are not the liability of the other as well although if the debt was incurred for a purchase for the household, there might be some scope for negotiation of repayment.